Yellen says gun violence has impact on economy, survivors
Reuters
Published Jun 07, 2022 12:19PM ET
Updated Jun 07, 2022 01:20PM ET
WASHINGTON (Reuters) -Gun violence can have a lasting negative impact on survivors and hurt the U.S. economy, U.S. Treasury Secretary Janet Yellen told a U.S. Senate hearing on Tuesday, adding her hope that Congress would act to reduce the national problem soon.
Yellen said economic research showed that events in childhood - such as school shootings - could have a lifelong impact on the psychological well-being and labor market participation of those involved.
"Of course it has a negative impact on these individuals and our economy," Yellen said, when asked about the issue by Senator Robert Menendez during a Senate Finance Committee hearing on the Treasury Department's budget request for fiscal year 2023.
Menendez cited new research by Northwestern (NASDAQ:NWE) University that found students who were survivors of gun violence at school were less likely to graduate from high school and less likely to attend or graduate from college.
"I am also horrified by the gun violence we've seen in recent weeks and over many years," Yellen said. "And I do hope that Congress will take long overdue action and put in place common sense measures to reduce gun violence.
Yellen said she was no expert, but was aware of a large amount of literature in economics which documented that events in early life could have a lifelong impact on individuals and their psychological well-being.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.